"The name Sotheby's conjures up images like a Rolls Royce Phantom, a Duesenberg. It's very high-end," said
Gary Griffin
, a principal in the firm On Turnaround Management Corporate Renewal. "William Pitt operates in a very high-end real estate market. This makes good sense."

Griffin's
New Brunswick, N.J., firm specializes in business reorganization and mergers and acquisitions.

"The Sotheby's International Realty name gives us an even greater upscale image and added panache to help attract more sellers and buyers across the board," said
Paul E. Breunich
, co-owner of William Pitt.

"William Pitt has built up 50 years of local recognition," said
Bryan Mattimore
, president of the Norwalk-based Growth Engine Co., which specializes in marketing, product naming, development and idea psychology. "William Pitt may want to build up their standing nationally so they can compete against the national firms."

Prior to the merger, William Pitt operated offices in Greenwich, Salisbury, Washington, Danbury, Newtown, Redding, Ridgefield and Middlebury. The firm was founded in 1949 and headquartered in Stamford.

The deal brings the prestigious "Sotheby's" name to 24 Connecticut real estate offices. Three will be owned directly by Sotheby's, and 21 will be owned by
L. Casey Jones
and Paul E. Breunich, the current William Pitt Real Estate owners.

"When we took over the firm seven years ago, we had 300 associates, and we grew it to 600," said Jones. "About a year ago we started thinking about how to get the company to the next level."

The three offices being sold to Sotheby's are near existing Sotheby's offices in Greenwich, Kent and Washington, so rather than compete against each other, they were sold directly to Sotheby's.

"We found that William Pitt had the kind of culture that matches the Sotheby's brand," said
Michael Good
, president and CEO of Sotheby's International Realty Affiliates. Good said that culture centers around a sense of quality, attention to client needs, and respect for unique, high-value property.